Tencent Acquired A 12% Stake In Snap

A sizable portion of Snap is now owned by China's Tencent, the company's latest earnings report has revealed. Based on a filing with the SEC, Tencent now holds 12% of all Snap shares. It only told Snap it was buying up the shares after the purchase was made.

Because the shares in question don't come with voting privileges, Tencent wasn't required to disclosure the purchase.

Snap's filing says it is "grateful" it's able to grow its relationship with Tencent. It says the company's "creativity and entrepreneurial spirit" are inspiring.